A huge spike in corporate interest in a sprawling Sherman master planned business park is prompting its developers to expand it.

"We have a concern that we might run out of shovel-ready land," Sherman Economic Development Corp. President John Plotnik said.

Earlier this month SEDCO put 64 acres under contract for $450K and hopes to close by the beginning of November, Plotnik said.

The expansion is needed because of the large rise in corporate interest in the park, which is just north of the thriving-but-more-expensive areas of McKinney, Allen and Frisco.

In the last fiscal year, Progress Park had more than 300 site visits, Plotnik said.

"Before that we had one visit maybe every three or four months," he said.

SEDCO still owns about 550 acres of the 3,300-acre park, which it began assembling in the 1990s. Corporations looking to locate there like the relatively low land cost and area amenities, Plotnik said.

"Sherman is the next stop north of Dallas that offers all these things." It also has direct access to the Burlington Northern Santa Fe Railway.

Companies already in Progress Park are Panda Energy Inc., Tyson Foods Inc., Sunny Delight Beverage Co. and Kaiser Aluminum Corp.